Toronto-headquartered Harte Gold has made progress with the strategic review process currently under way, reporting on Wednesday that it had opened its virtual data room to several interested parties to conduct further due diligence of the company.
Harte, which owns the Sugar Zone mine, in Ontario, has engaged Scotiabank to assist in generating and evaluating financing and strategic alternatives with potential investors.
This comes as the bullion junior last month warned that it needed additional funding, as steady state production had been deferred to the final quarter of 2021.
Harte has also engaged a US-based debt adviser to evaluate potential debt financing solutions, including a refinancing of senior credit facilities.
To provide the company with the liquidity required during the initial phase of the strategic review process and to ensure that it is not in breach of its minimum liquidity financial covenant, BNP Paribas has temporarily reduced the minimum liquidity requirement under its senior credit facility from C$10-million to C$4.75-million until June 30.